The 7 Nov 2011 media release “Cashed up Bass Metals Accelerates Tasmanian Drilling Program” indicated completion of a successful entitlements offer to shareholders of $8.8 million.
Assuming BSM was virtually insolvent prior to this capital raising, then you could punt that its market cap on relisting might be about half of the $8.8m raised, or 1.5c per share. Add a bit of blue sky and we might crack 2.5c (provided no more slippage to relisting date on 9 March).
I’ve been a holder of BSM since 2005, but would be sorely tempted to exit above 2.5c if given the opportunity.
BSM Price at posting:
8.3¢ Sentiment: ST Sell Disclosure: Held
